sure i think the consumer is on fire. you'll have great holiday zbloonz first look at third quarter gdp tomorrow speaking of the consumer. >> we will interesting what do we want a hot number or cool. >> hot number good news. >> this market seems worried about the economy. >> and the fed though. we'll see. >> lots still to preview tomorrow more to discuss from today that does it for "closing bell." >> "fast money" begins right now. "fast money" starts right now. with the huge night for earnings, the busiest of the season, fantastic o of course from alphabet, gilead and nap reporting earnings moments ago we have you covered from ever deballa gll. full team coverage on all calls. josh lipton and alphabet meg tyrrell and gilead julia boorstin and kate rodgers on chipotle as those conference calls get going. the experts in the trefrmg we have "fast money" gene munster pulling double duty. the chart the master carter

werth watching the after hours movers process gichg us instant reaction we start with the tech earnings wreck we watch with amazon and alphabet after tech turjd today. the nasdaq up more than 3% erasing yesterday's losses but the earnings are dragging names lower after hours opinion and these stocks struggled this month. are these earnings putting the final nail in the coffin for the fang trade. >> we are starting the to process perceive the cochems healthy. it's nice to think about them in a them attic way and they had had the expose you are to -- online exposed yur social media, et cetera. but facebook which i won't talk about that another day but facebook is perceived differently. google starts to fall into the category as well there is nothing wrong i think with google business and they give you 22, 23% growth the tack costs -- the margins are starting to weigh on them. but ultimately this is a company in the pull position of some leading parts of the future of the internet, including aip.

but i think the fang as a group are done and i think they're done because people starting to discriminate between those companies gwen using the data that are regulatory risk, they have the higher costs of security and services and defending and i think google fits that group. >> you think that on a day like today with the revenue miss for amundson and alphabet and we can go into tomorrow and the nasdaq could move higher with these names moving low are. >> no. >> >> that's not what i meant. i think people are picking a new acronym i'll let it spell them out themselves but the triple q these names we traded back up to the 172 level. which is the 200-day and failed with these two names which make up probably 20% i think that's a big deal actually you trade absolutely lower. >> well if the question can the market rally back towards those highs without the maga appear. >> whatever acronym all the big

caps. >> i got ash -- >> i got to say they can't when you think about some groups, obviously massive moves in home builders and autos that have been performing well. let me tell you that didn't act well within, the banks they underperformed the s&p when you think about leadership it has to be the stuff associated with a booming economy, opportunitiesoverseas for growth all those things and those sectors in our market don't act well we know for years people are talking about the maga serk similar trends with microsoft we saw the switch to cloud based systems whether public cloud or putting their stuff -- licensing stuff in the cloud or if it's google -- whatever it is now at this point i mean there is so much sentiment involved in knows names that i don't thing we can rally back. >> it's also begins. >> the environment now that you can't buy these names into the end of the year with these earnings reports that we just saw this is going to be a problem going into end of the year. >> that seasonality you've been talking about for long out the

window. >> not out the window but if these are gone to your question if these are gone the seasonality is gone. it can't move higher without the fang. >> qs down 2% after hours. >> question though for you. >> i thought she asked the question. >> i allow her to ask you a question in particular, dan. >> yeah. so when you talk about can't -- can't get back to the highs. >> the market -- the broader market. >> the nasdaq or are you talking about the market in general. >> maga. from whatever on the cnbc.com they have to to be the leadership that's it. i'm not. >> by extrap las vegas the market can't new highs because we lose the leadership of technology and don't have the substitute leadership of financials >> they can't. there is no way with the weight any carry there is no shot at hitting highs in the market. >> it's not about hitting highs. we're well off the highs if we are. >> that was the question can we get back to highs, if this trade

is over then the trade is down. >> i don't think can you make money from here. >> can you make money from here. >> you would make money in -- dan brought tup the autos, make money there, home builders but fang you have to -- >> by the way steve you pick the two most difficult trades going after autos and home builders. >> they have already taken it -- they've already taken it you have builders down 30 and 40%. why was home under so much pressure lumber costs lumber costs cratered. you should see relief in that. >> okay. so i think the more important point gets into we have great chartists and technical folks on the show the nasdaq is having the worst month since the financial crisis let's be clear some things are brekeen. you are not coming back. if you look at qs and kpolgs walks microsoft close to 0%. amazon close to ten 0 first of all microsoft and apple i think have a different relationship with their consumer than facebook and google.

i think those companies are in a different cycle than facebook and google but when you look at the market overall there is a reason why we are pulling back first of all we were way overbought a lot of companies people were indiscriminate about the the number and we got to the place where people aren't just saying go buy me the fang etf but people were looking at leadership groups -- on some level there is no question because if you buy the qs and s&p these were 15% of the return this year. there was no question that those names are not doing it. >> we had a big down day a bug up day and now the earnings how are you feeling feeling about the markets into year end. >> going into year end, i don't know "fast money" alphabet is the most disappointing there is some to look are like but the revenue knew miss not to like tac not to like. the valuation i think is till very reasonable. i really wish they would do something with the balance sheet. i think it's the biggest disservice to shareholders looking at apple, when they

did -- they announced obviously huge buyback they have done billions -- tens of billions of buybacks np in addition to they tapped the bond markets as a superb time, issued 8-year 1.5% paper. >> the window is running out there. >> i think alphabet has done a terrible job for the shareholders in terms of allocation of the balance sheet. they run the business fantastically well that i don't have any criticism tp but building the cash horde one of the biggest on the planet and doing absolutely nothing with it, when it would be incredibly to buy the stock is a big mechanic. >> what happened to amazon sign-upped jeff bezos could turn this. >> they have record profits. there is slippage but with record profits if you have record profits and greeted with in and that's more of a tell on the overall market or guidance or revenues but still these are record profits within a -- within a company

that did turn the psi et on whenever they want. >> you don't get record profits -- you don't get a multiple like that if people aren't expecting record profits, right. >> this is not the environment for high valuation stocks to do well i think it's more of a product of that versus take this out of a different time period. and i think the stock has a much different reaction >> well, ultimately i just think we are in a place where people start to perceive the companies in a different way i think that's good news but investors shouldn't lump them in the same bucket. >> microsoft is a great example. a great quarter on a lot of important parts where they sell enterprise and when you look at intel's results and i know we are talking about that later that reinforces microsoft's quarter. if microsoft came in and told us that enterprise tech spend something weak and we see stuff independent pc server and smartphone supply chain. look at western digital down 50% from the highs down 10% in the after market now

they sell disc drives wsh you could extrapolate that eye to a lot of things but when you see microsoft and intel executing like this it's. >> that's why western is down. you don't need them in a world where you do it in the cloud these guys are in a different place in the business model. >> you can differ differentiate that i know darter is talking about google at $1,000 that stock is getting bought apartment at that point you expect 20% earnings and sales growth trading at 20 times how many companies doing $100 billion in sales trade at that multiple relative to growth. >> facebook does. >> we are talking about. >> there is a reason by o why the multiple is there. >> anyway. >> let's get to amazon because right now we are down about 9% in the after hours session just off the lows. let's bring in june munster right in the thick of the earnings trench listening in on the alphabet call. gene what caused the decline to

9% after hours. >> pretty simple, they guided revenue down by 5% for the deasy. and it's the holiday quarter investors are optimistic for some upside in that put cold water on it. across the board looking at metrics it was across the line that spooked investors. >> do they say -- do they give us more color as to the driver behind that short fall for the holiday quarter? >> they haven't yet. the google call is going on right now. the amazon call starts at the bottom of the hour here. waiting to hear more from that call. >> what did you makeof the alphabet quarter >> so far it's been a juicy earnings call. the company is talking about the future evolution of search this is not only search but discovery using ai to better predict what you look for. that could produce new ad units. the big negative on the call was the paid clicks were down 20% year over year they were will go at down 21%. but they are thinking of new ways to make powerful ads to

improve that cost per click. and separately just kwhiel i cut away to talked to you they were starting to talk about china the company seems to be changing its view how to approach china in the last several months look for analysts to talk a lot about that tomorrow process. >> all right, going to we check in with you later. for more instant analysis let's go straight to the chart master. looking at the charts in relation to all the volatility we have seen but the after hours action carter >> before we get to it, the principle here is important. price action is wise these stocks, growth stocks, fang stocks have been underperforming the market week after week and now the funny mentals come out. prices knew before this is just the answer to what might have been a question why were they so weak? the answer is because things aren't fundamentally as they were priced to be. here is the after hours print for amazon it's moving around a lot. but let's look at a chart of this and put this in context

if we were looking at a clarity of amazon, i want to highlight the peak to trough decline if you drop 19% and then today we rallied ever so slightly back to the kill zone here, back to this line, and now in the night market we are undercutting the low for almost a week ago. do you fix yourself after a hit like that? no, you do not you go fallow or get worse you don't ricochet and it gets to was there wisdom before. >> look at another one they are all on here look at google was in out of no where should we be surprised meaning the pris action -- the government knows this. stock prices are a part of the leading indicator index. google was down 18%. rallied ever so slightly today back up into the line. and now of course you saw the night market the trend break. it is going to make a new low. do you fix yourself after a hit like that? no, you do not you either back

and fill or keep going worse the notion we could climb back to the highs is -- it's absurd you know, let's keep going intel, is it good? watch the chart. we'll see if it's good up $2. $2 is right here doesn't change a ink thing whatthis really is is just a massive head appear shoulders top. the neck lineup. and intel works lower as well by every indication let's do a few more. the whole tech sector. is it random off the line to the penny? is that the collective dcf, collective peg ratio collective eelktda no it's almost entirely technical. it's down 12% stops on the line now in the night market it's going to break it is what it is and it's not good >> wow that's very cut and dry carter, thank you. carter will be joining us for

more instant earnings reaction. >> can't come over now. >> excuse me. >> he can't come over. >> he needs to man the plasma. >> he has to watch the charts. i mean, this things are moving right now. as we speak. it does not sound good for any of the charts that carter showed tonight to go back to highs would be absurd, he says do you fix yourself here no you don't dan what do you think. >> it's the key is the a apple, next thursday, this chart acts amazing maybe we will ask him about it later but this is the one where when you think about this, in this market, this environment where the much loved names up very much being taken down 6, 7%, 8%, amazon down 9 per. apple could fill in the massive air pocket if that happens when you have the qq breaking this up trend. >> if apple fell it would technically push the indices around in a way any haven't seen by the way, i mean, it's carter rightly defending his turf as basically a technician and

saying not that he was being challenged but basically saying look is truth. price told you even before the numbers came out what you were going to see in the numbers. and that is certainly a defense of why technicals are a big part what have we do. >> we are all over the earnings throughout the hour. all the conference calls are under way right now. we will keep on checking in with experts in the trenches. stocks surching about a back after the big drop nearly half of the s&p 500 in bear market territory. when is it safe so put the fresh money to work? the traders give you bargain buys the life and times in times square much more "fast money" square much more "fast money" righ open an e*trade premium savings account and earn 1.9% apy on your money. that's over 15 times the t afteonal average!

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welcome back to "fast money. we have got an earnings alert and gilead let's get to meg with the details. >> on the back of the gillian third quarter beat and raise corey kusinski ma from judge jp morgan saying the beat was driven by the hiv franchise. the new hiv drug came in at 386 million dlrs versus $325 million. but he noted there was a small miss on the hepatitis c franchise. but that's been shrinking over the quarters and not as important as anymore jared holst at jeffrey saying you think the stock would be up a bit but investors are waiting for the new ceo to be announced to make a bigger bet of course john milligan the ceo of company announced last quarter he is stepping down at the end of the year. getting a lot of question base that on the conference call, telling people that there are many interested candidates

the process is moving quickly. and he says they hope to have someone announced by the end of the year gilead up about half a% there. >> thank you very much meg tyrrell in the newsroom. anybody in the gilead biotech trade. >> i saw gill yat at $75 gilead is one of the names we wait for thp this may be the reason for the change at the top. this is a company that has hcv, hiv franchises we thought that deal was going to do it. the market doesn't believe these guys are well positioned they have a great balance sheet and pay a decent dividend until we know the next purchase and m and a scares people in biotech. >> biotech that be i don't want to say atrocious we are talking about drugs, the volatility that's already inhate in that space. the ibb is down 4% for the year. you are better off going to pfizer up 20% a different side of it. >> do you want to be in the

biotech trade when tech and high valuation names seem to be so out of favor the xpi has the worst single day in what 12 years. >> much of the biotech -- most of the top of the biotechs they are not expensive valuations a all thp they are em. cell jean, amgem bill gadiad but i don't think valuations are a problem in the big caps. >> i don't know if the rhetoric from the president talking about drug pricing i mean if they get something done, i've got to think that puts pressure on the space. >> i would adds it's a traders market the xbi was at 100 in the start of september it now at 80 that's a level it bounced off a lot. a lot of the sector etf have traded in the low. i don't like the specific risk of any of the names of these but once you get through concernings maybe less if you want to take a shot do it

at 80. >> carter what do you see on the gilead chart biotech spaces in general. >> tim has it dead to rights waiting and waiting not particularly bearish or bullish might be an equilibrium movement it's a big yawn talking about 8 cents. let's look at the chart and try to figure it out first, the ibb, again it's remarkable all the same thing down 18% you saw the exact same percentage declines in google and amazon but what's different here is that we have come down to something of a level of support. and dan just referred to it. he was talking about the xbi but the principle is the same. if i put the lynn in you can see it there you have a decent shot of holding here and not getting that work. in terms of gilead, well, it's the same thing in reverse really downtrends have a way of stopping at junctures that are identifiable the stock is indicated the great story is the run up

and then the nothing obviously epic effectively $5 to 1.20 now tim's -- we're just doing nothing. that's exactly it. sometimes you have a stock that's priced exactly right. so on the stock i would say do nothing with it or retain the bias if it's the greater long stay long. short, stay short. >> getting back to the etf, carter it loonls you are saying that's also doing nothing. >> well the etf -- because of the precise lows from which it has bounced potential i'd rather for instance be in ibb versus the big tech names. >> all right thanks for that, carter. anybody interested in put a ibb trade on. >> if you are going to do it i think to dan's point you want to do it with versus the single stock. you get the amgen, gilead. biogen you don't have to to worry about the one offs something down 30%

gill idea has help cphiv and trying to replace the ceo. a lot of headwinds for one stock. >> check out where we stand with the after hours movers amazon still down. intel managing in the green. higher by 3.2% we tell kwhau the c suite is telling wall street. plus heading to bear country not dan nathan's house stand back in stocks nearly half of the s&p 500 in bear mechanic. is this the chance to buy? there is more "fast money" on the busy earnings night right after this

hey, what are you guys doing here? we're voya. we stay with you to and through retirement. so you'll still be here to help me make smart choices? well, with your finances that is. we had nothing to do with that tie. voya. helping you to and through retirement. oh, no really sfl. >> welcome back to "fast money." everything apparently is awesome on wall street stocks making the come back. the dow surging 400 points

after yesterday's 600 point selloff. but everything isn't awesome get this nearly half of the s&p 500 in bear market territory bob pisani at nyse with more. >> hello melissa, a nice bounce. no sell programs at any time do you agree the day. haven't seen that in a while but a lot of technical damage already done with nearly half of the s&p 20% or more off of their highs. here is what stands out. there is no real sector concentration here the damage is fairly widespread with big names melting down across the board semis like micron down more than 40%. industrials like united rentals, home builders, retail down big industrials have taken a hit on a estimateering of global growth concerns general electric and caterpillar, couplens, united, illinois tool, down 30 to 40% from the recent 52-week highs. the semi conductor slowdown has been a notable driver to the

downside applied materials. micron, amd all down more than 40%. other tech related names like facebook, twitter, and electronic arts have also been hit with average drops of 30% or more as have a handful of retail stocks like tiffany, l brands and cody as well higher interest rates and falling home sales have hurt housing related stocks as well you have maskt o whil pool, pulte, dr horton all down 30% or more two groups are down but not damaged. one is energy stocks devin, cab on the oil, pioneer natural resources, baker hughes. down 20 to 30% but financial sfks pnc prungs, fifth third, morgan stanley also 20 to 30% off recent highs you notice anything missing from this categories -- these categories it's health care not on the list. and little wonder, the whole sector is only 7% from the

52-week high with wig gains this year in pharma that's what saved this sector. back to you. >> it was a top performing secretary ner the third quarter. bob pisani at the nyse deja vu. but can you trust the bounce in and do you go in and do you buy? how do you know when the name is bombed out and bombed out value or bombed out for a reason >> well a couple of the names -- we talk about facebook -- you know why injury it's gone down but l brands, they didn't just go down. they've been a disaster. down 70% finishes the fourth quarter of 2015. because the core brandt victoria secret is struggling you saw vs turn a corner the comps are down 4.5%. came up plus one bath and body works is growing this is -- this reminds me of like a mattel. that's very different than the other names. the industrial names we talk about in all the time too. it's just hard to believe we started with that awful music, that song you play that at home.

everything is awesome. >> now. >> up 1607 basis points today. and the show has been about the doubts it's crazy i think some of the names are overdone. >> your a value gal. >> i bought a little bit of cbs and it got away i bought bank of america which dan will be delighted about. ten times. >> i so get it listen, i had a nice conversation with doug, a thoughtful note about the banks fundamental. he is getting long on these. and it's really sounding great if you didn't look at the pris action you know, at some point it depends what your heim horizon is what your risk tolerance where you put the stops in, that sort of thing. i know you asked the questions but i have a question. show of hands since 2002. >> i may not answer. i'm not sure i'm answering >> how many times has the s&p been down on the year since 2002 to close the real quick. >> how many times. >> one with, one 2008. >> hang hon a zbleekd 2008 so

here we are, the s&p is up 1%. >> what's that. >> that was a big one. >> that was a big one. but a v reversal in '09. the point is we are all conditioned to have annual returns in our markets here. when you look around the globe and look at what's going on in every or equity index around the worship europe town 0% shanghai down 30 some% from the 52-week highs there is a good chance we could close down on the year everything you buy right now today could be down on january 1st 2019. >> what -- let me ask the desk a question what goes -- what goes with dan's stats tonight? so basically the market was higher all those years but one because it was an era of free money. what's over? the era of free money. i kind of agree with that. if you think about this the central banks fut are put totally lower i don't want paintwood a brush it's not how i roll. >> we're not painting you i'm asking you a question. >> i'm saying i think markets

are have significant headwinds in central banks and markets should be valued different when liquidity is lower. >> there are a couple of tail nds specifically short term -- you have buybacks coming back. you have a rebalance at the end of the month. >> so higher. >> i think we could move higher from here but i i want to see the test of the 2532 february low. i need to see that test before we bounce. >> i hear what you are saying but every time i buy a stock, every single time i know it could be down come the end of the year that could happen i'm not really looking to trade around the market. i can't do >> but question your fundamental and value person. >> long-term with, yes. >> when the fundamental don't feel great in bank stocks and a lot of economically sensitive stocks. >> i don't agree if you look at the earnings, valuation, which is what i care about, right and the financial health. >> keep talking right. >> no, but tonight we had two

companies massive companies, $800 billion market caps guide next quarter down. the earnings are going down, right, being revalue >> i don't think you can look at bank of america and amazon in the same -- those are two different stories. when you trade in the amazon multiple, right, that's a different story. >> but banks. >> we well alphabet is more of a valuation story. you've been right. you've been right. but i think at this point. >> hang on a second he has been right now but he was wrong for every other year besides that one year. >> come on. >> listen here is the deal i've been saying this weeks now the market will in the rally without maga if you resolution apple this it to the toast >> the real guess. >> think of the waitings they've been talking about the market. >> that's it that's what i'm saying. >> the significant part of the. >> microsoft is up 27% on the year amazon up 27% of the year nothing sells working. not any of the sectors what do

you think is going to change between now and december 31st. >> i don't know. maybe nothing. and that's okay. that's okay. i mean, you're talking about the market as mono lithe that moves together i don't agree with that. >> it has the last couple weeks. >> if we see a technical test. >> you know. >> if we see the technical test of the 2532 level and it holds. >> yeah. >> all of the names, the big powerhouse names will bounce the hardest off that low i'm not saying it holds. i want to see the test that's how you define rebel we move up or down. tomorrow you think it's got to be a down day. i want to be the flush february lows and i want. >> you want it up down pattern. >> i would like to see a flush tomorrow >> look, i'd like to remind people why markets are doing what they are and moving in synchronousisty. >> you have market rate concerns affecting everybody. tariff concerns that we hear from every subcomponent of the

economy settling in. you have valuations depending how you value a company i do it price to sales, especially for tech companies and they're very, very expensive so there is a reason why stuff also when we were extremely overbought we were arguably as irrationally overbought at the last high three weeks ago as we were january 26th. >> those concerns bringing the markets down across the board are any going to change do you think likely between now and the end of the yaoer. >> i do not think they are changing >> the markets are where they are. >> i don't think they change >> all right so still ahead a huge night for earnings alf bet, amazon, snap, chipotle after the bell with earnings snap to an all-time low, down 10%. we have full team coverage monitoring all the copies. josh lipton on alphabet. dee aa alphabet. kate rogers is watching chipotle and do no the forget about the earnings trefrmg carter and gene standing by for

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welcome back to "fast money. we have got an earnings alert and snap hitting the all-time low in the after hours session let's get to julia with the details. >> that's right, melissa snap shares first spiked but lower on the declining daily users and the warning gnat user declines will continue that of course outweighing better than expected earnings are and revenue. en oh on the earning gall. evan spiegel ceo of snap has been stressing the global

potential of the platform. >> we have a significant opportunity to grow and broaden the global community over the long-term but we have incredible reach among the core demographic of 13 to 34 ylds in u.s. and europe there are billions who do not yet use natasha snapshot using our creating sfts our key drivers in growing the community. >> we are starting to hear from analysts weighing in rb. c telling us snap looks better than expected saying it's a clean beat and raise in terms of earnings but note gnat daily active user the numbers are a tad disappointing. bti saying quote the core problem remains the product. which is leading to less and less daily usage of snapchat which not only with the declining q 3 but a decline forecast by snap we short the stock aggressively at these levels with a $5 price target evan spiegel saying on the call right now that one of the upsides of the site redesign so controversial they do have many more users engaging with the premium content. and its discover section but

they said theywork to monetize use are communication better but melissa some analysts pressuring snap to explain wrp the problem is is it about marketing the service or the product itself? that just isn't designed to be used by more consumers back to you. >> julia, thank you julia boorstin at headquarter was the loden on snap. again all-time low in the after hours session. i want to and a question. >> there are no stupid questions on in desk. >> thank you. >> you never ask one. >> safe zone i will ask now what is the difference between what we saw in erms it of the terms of the decline of monthly active users and twitter and snap snap had a beat and raise. twitter had a boat and raise and the market reaction is extremely different. >> i think with twitter they are taking a lot of actions to get certain activity off the platform. >> they get the benefit of the doubt. >> and mau. >> you saw the revenue increase. this is a closed platform. they need more engagement people using the stories discover all that at this point they made a couple

of hires one from amazon, the head of product. i would expect some changes at least how they try to monetize these users but whatever rich greenfield said there is something wrong. >> after the redestine the stock has not discovered. >> you stopped use going. >> i got to tell you the 13 to 34-year-olds it's not for me, you or anyone on the devg but it's den. >> dan is still on. >> i'm still long the stock. and i'm suffering from it. >> you're still long the stock. >> you are still long the stock. >> why are you holding it. >> because i do believe eventually they figure it out. i believe it's a global story. i do believe that the administration underneath the leader -- it's like zuckerberg it feels like when i couldn't get if in the beginning. it seals like a lot of the tech companies. >> he wasn't facing a zuckerberg competitor that was far outpacing him. duplicating the product. >> but i -- go ahead. >> to answer the stupid question which wasn't a stupid question, twitter -- if you look at the

environment in the business model twitter makes money. snap doesn't that's a problem. >> snap not only do they not make money but they have a cash burn and one of the reasons the stock goes to the floor is they have to raise more money this is a problem. profitability is a big problem and getting the product right. evan spehle spielberg put out the internal memo that got published and it didn't tell you anything this is a can you tell me couple weeks ago. baying basically saying we have to improve the product back to rich. >> you called it evan spielberg. >> spiegel it would be great if it was a spielberg possibly but bottom line is here i think this is a company judged on dau growth appear rpu and neither in the right direction. >> one point, this company shouldn't be public right now when you nifrpg about the voting rights that spiegel has in terms of valuation. >> the burn. >> you think about the valuations in the private market, the. >> there is little the shareholder can do right now if they are unhappy. >> they shouldn't be a public company and they would be

executing better. >> for for more on snap back to zbeen who is of course in the trenches fighting the good fight. gene, what do you make of snap >> melissa, it's simply a disaster here. because at the end of the day of the key metric is active daily users. they gave expect aches to expect the daily users to potentially decline, that is the last thing that investors owning a social network want to hear the simple reason even though analysts dig into what's causing it is the product has a big competitor in globally they have this base of 2 the.5 billion facebook can mine that to turn them into instagram users. so unfortunately i'm always a big advocate for technology, innovation, snap had the golden day when they came out with filters. but this market is very different today than it was a few years ago. >> carter, look at that chart tell us what you see. >> well, i mean, you know, well let's look at the chart here look at the chart.

so it ipoed, a thursday with, the second of march, 2017 if your first day in life is your best day that's not good so i don't know about snap and i don't have twitter i still read newspapers, manually, the printed kind i know this this is a bad chart right. we heard the word disaster to my right. and you can't even draw in the lines basically maybe it shouldn't be a public -- maybe it won't be. this is a disaster, yeah, a comedy act even. >> between, are you in the rich greenfield short this stock aggressively camp? >> i think there is a lot of bad news priced in i would say this i don't see a reason to be long or short process o this the risk of being short is if they any sort of sign of life with the daus with the stock could be up 20% that is difficult to predict. >> the men in the trenches say it's a disaster steve you are holding this what kind of time frame are you

thinking when you say my time frame is longer term. >> there were rumors and they turned tout to be false that google was looking at them whether or not facebook can slam them and crush them like a bug, there are other people that might need this in the portfolio or this in the arsenal this is to me a $6.20 at this point lottery ticket for me. it's an option expense of option. >> you steel spiegel/spielberg as a seller. >> i think that he would be a seller. >> i would say that jack doorsy is at ceo of two companies maybe he could be coceo of twitter/snap with eve van spiegel and they could make a go of it that way. >> amg mink mink coming up amazon sinking after the earnings report. carter wirth and gene munster eaheal t by on t clso brk down the action. more "fast money" right after

this welcome back to "fast

money. amid all the market volatility small caps have sung to one correction and one trader maid a huge bet they are in for more pain. >> the us russell 2000 looked like a big bearish roll where a trader owned a bunch in november and january 19 puts to sold out onto close and bought to open 39,000 of the january 140 puts paying 3.31. those break even down at 1.36, 69 down 1% from here when you have puts on this and you get moves like this you call monetizing sometimes you take a portion of the proceeds-on roll

them out and you keep that exposure on to the downside we have a two-year chartquickl here you know, look at it broke that upfriend like charter has been talking about nasty. but if you are trying to find support it might be that 1.40 strike that's how sometimes option trade ert choose strikes by looking at the technical maybe protection below 140 if you long a basket of russell 2000 stocks. >> what expiration would you look at. >> this trader looked at january. to me, it really depends short dated options will be really bit up. and implied volt tilt with, the price of options you want to move them out a little bit probably. >> i'll do a mini game. >> mini name. >> unusual for me to trade it or fade it iwp right here right now. >> the clarity is broken downtown right now do you fop somewhere around 140 the it has 16% down in the last sessions. it tells what you people think about growth that's the barreiro merritt. >> check out "options action"

tomorrow the two big after hours movers amazon and alphabet both sinking after the earning report gene munster has been lyn licensing in plus a check on what jim cramer is up toed to are tonight. looking at beaten down stocks. there is the cramer come cam at the top of the hour. live at the nasdaq in the times square square much more fast what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through ahead.ions trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

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welcome back to "fast money. we have got the earning alert on amazon down 8% in the after hours session. let's get to dedra in vancouver with more. >> melissa, you guys have noted the holiday quarter outlook weighed on the stock and taking attention away from the record profit the street was expecting revenue of 73.8 billion next quarter amazon projected of 6.5 to 62.5 billion on the lower end that's a gill bag. the cf 06789 dodging the question of why a number of times and saying they are expecting strong holiday season and it's a difficult period to estimate >> over 100 million prime eligible items available for free two-day shipping for prime members. and you know, again, a lot of -- we're talking about the unit deceleration a lot of the fastest growing area subscription services aws and advertise rg not in the metric. >> the faster growing businesses

grew as expected he mentioned prescriptions and advertising including aws cloud computing and subscription services. investors were happy with the performances there, guys >> all right dedra thank you. interesting that he would dodge the question why the short fall >> that's big. >> when he dodges the question, repeatedly, that's a red flag, i don't know. >> it's interesting. also interesting that people are are not talking about cloud round right now and aws which at times people have been willing to deal with amundsonen's multiple because they are not making a lolt a lot of moep in the retail business. anyway, i think that is puzzling >> let's check with josh lipton for alphabet josh >> so, melissa, a big beat in the bottom or alphabet but the top line different story. that was a miss. you know, i had the cans to catch up briefly with cfo ruth porat she said fx went from a tailwind to the headwind in the quarter. it was a theme she drilled down on with analysts it was mobile surch and youtube but that yup reflected a

negative the current impact year over year if 385 million por 305 million. worth pointing that google properties, the company's bred and butter there 24 billion. also a miss. analysts say that's surprising because that's a number the company has been hitting a few different teams on the call one analysts had for ceo surnd pachai how is he thinking about the china and the future opportunities there. take a listen. >> on china, we obviously, you know -- we deeply care about serving chinese users. we have been investing for many years. and especially from developing droid. but more recently we launched mobileup such as google translate and file sko and improved our development there we are constantly looking for ways we can better serve chinese users. and that's where -- that's where we are today >> now, of course we are

thinking about this because sundar pachai ac nonld the company is considering building the search engine for chinese consumers. analysts tried to pull out more data oft of the clouds that is there been a changing of win rates he didn't bite on that as for way more a big opportunity but not a business investors have insight into. analysts asked listen when will price being be established for way mow with when is a go to market strategy. >> ruth porat saying it's early day and taking a idlibive approach to broadening that out. >> thanks, josh. let get back to gene in the trenches starting with alphabet, gene, in the stock in the after hours session off the lows what did you make of the call so far? >> you know, i think it was reassuring that google is the oxygen of the internet i was encouraged by the fact that they are finding new ways to monetize maps they made some adjustments but look for more eased into that

opportunity. and last this idea about using ai to be more predictive that's going to be for better user experience but also is going to be heightened scrutiny i think with lawmakers about how gogel uses data. overall the company remains on track. >> and for amazon, there are a lot of questions about the holiday quarter and why the short fall didn't seem to be any answers on the call. >> as i listened to the call i was thinking about, what if i was a competitor to amazon and hearing all the things they were doing. i would leave this call as a competitor really scared of how amazon is going to continue to play not only with the prime members dead kited to buying on amazon but logistics, robotics, what they are doing with brick and mortar announced six go stores not requiring a cashier now in 60 cities for same day. i am going to be wrong that amazon acquires target in 201837 but i think eventually that will happen. >> let's grade the quarters, gene amazesen. >> i'm gichg amazon a b minus because of the soft quarteren a

a b for google. >> a b for alphabet. okay final trade here gene, by the way thank you for being in the trenches. llorhe wirth, thanks to you as we f t take on the charts you don't like any of them by the way. up next final trades

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down 36% year to date lennar. >> just to get dan bank of america. >> how about it. snap i don't think all the bad news priced in yet but close. >> see you become here tomorrow night with for close >> jim cramer and "mad money" starts right now my mission is simple -- to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to save you money. my job is not just to entertain but teach you.